CIBC has received relief from the Ontario Securities Commission that absolves its vice presidents from insider reporting requirements.

Currently, it is estimated that more than 1,000 individuals are insiders of CIBC because they are a senior officer or director of CIBC or a subsidiary of CIBC. Of these individuals, all but approximately 347 are currently exempt from the insider reporting requirements of the legislation due to existing orders and/or the exemptions contained in the rules.

CIBC has applied for, and received, relief for approximately another 227 individuals, who, in the opinion of the CIBC Legal & Compliance Division, satisfy the Exempt VP criteria. Those criteria are, the individual is: a vice-president; is not in charge of a principal business unit, division or function of CIBC or a “major subsidiary” of CIBC; does not in the ordinary course receive or have access to information regarding material facts before they are generally disclosed; and, they are not an insider of CIBC in any capacity other than as a vice president.

The bank notes that it has trading restrictions in place for all directors and employees, and it has additional trading restrictions in place for senior officers as well as certain other employees who may have access to non-public material information

The OSC granted the relief, provided that: CIBC agrees to make available a list of all individuals who are relying on the exemption granted by this decision upon request; and that the relief will cease to be effective when the existing rules are amended.

http://www.osc.gov.on.ca/en/Regulation/Orders/2003/ord20020411_214_cibc.htm